Eye-related disorders are expanding at an accelerated pace across the globe. One of the most common disorders of the eyes is dry eye disease. The growing geriatric population and the increasing screen time among individuals have resulted in the rising cases of dry eye diseases. According to numerous studies, the incidence of dry eye diseases is between the ranges of 8 percent to 34 percent. Hence, these factors have influenced the growth structure of the dry eye disease market considerably and will continue to influence during the forecast period of 2017-2025.
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When an individual suffers from dry eye disease, his/her eyes do not produce enough tears. Dry eye also occurs when one is not able to maintain a normal layer of tears for coating the eyes. The common symptoms of dry eye disease are redness, stringy mucus, blurry vision, pain, difficulty reading, or not able to sit before the computer for long hours, etc. Dry eye disease is of two types: aqueous deficiency dry eye disease and evaporative dry eye disease.
The prominent risk factors for eye diseases are diabetes, refractive surgeries, aging, consumption of certain medications, etc. Anti-inflammatory drugs, cyclosporine, artificial tears, lifitegrast, secretagogue, punctal plugs, and others are some vital treatment types for eye diseases.
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The players indulge in research and development activities for expanding the growth landscape of the dry eye disease market. The players invest in these activities to find new treatments for dry eye diseases. These activities help in strengthening the revenue cycle of the global market, eventually increasing the growth rate. Mergers, acquisitions, joint ventures, and partnerships also form an important part of the dry eye disease market growth structure. These collaborations assure expansion of the treatment types in other regions and significantly impact the growth trajectory.
According to the TMR experts, the market for dry eye disease is prognosticated to expand at 4.5 percent CAGR during the forecast period of 2017-2025. In the context of valuation, the plasma protein therapeutics market is estimated to reach a valuation of US$ 7,780 mn by 2025 and was valued at US$ 5045.2 mn in 2016.
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Anti-Inflammatory Drugs to Reign Supreme in Terms of Demand
The use of anti-inflammatory drugs for treating dry eye diseases has increased exponentially over the years. Research activities revolving around anti-inflammatory drugs are increasing extensively, ultimately leading to an increase in the development of new drugs. These factors will influence the growth of the dry eye disease market to a considerable extent. The anti-inflammatory drugs segment is expected to dominate in terms of revenue and demand, whereas the artificial tears segment may emerge as the second-largest growth-contributing segment.
Growing Awareness about Various Treatment Types to Increase Growth Prospects Considerably
Government and non-government initiatives are encouraging many individuals to diagnose and get treated for dry eye diseases. This factor will have a great impact on the growth of the dry eye disease market. Further, many companies in the dry eye disease market promote their products through effective strategies, ultimately contributing to the growth trajectory.
Accelerated FDA Approvals to Boost Growth of North America’s Dry Eye Disease Market
The approvals for new dry eye disease treatment drugs at a rapid pace will bring immense growth prospects for the dry eye disease market in North America. The Food and Drug Administration (FDA) is trying to speed up the approval process to provide good and effective dry eye disease treatment options to the citizens. Hence, this factor will help North America’s dry eye disease market to gain a larger growth share.
Some well-entrenched players in the dry eye disease market are Sun Pharmaceutical Industries Ltd., Valeant Pharmaceuticals International, Inc., Otsuka Pharmaceutical Co., Ltd., TRB Chemedica International SA, Novartis AG, Johnson & Johnson, and Sentiss Pharma Pvt. Ltd.
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